Jet Airways' Q3 standalone net profit falls about 46%

Mumbai, Feb 14: Passenger carrier Jet Airways on Wednesday reported a fall of 45.86 per cent in its standalone net profit for the third quarter of 2017-18.

According to the company, its net profit during the quarter under review fell to Rs 165.25 crore from Rs 305.20 crore reported for Q3 of 2016-17.

However, the company's total income rose nearly 7 per cent during the period ended December 31, 2017 to Rs 6,349.34 crore from Rs 5,940.63 crore earned in the corresponding quarter of 2016-17.

On a consolidated basis, Jet Airways Group reported a net profit of Rs 186 crores for the third quarter of FY18 against a net profit of Rs 299 crore for Q3 FY17.

The company said that its net profit of of Rs 299 crore for Q3 FY17 "included a profit of Rs 327 crore on account of sale and leaseback of aircraft".

"The process to rationalise our cost structure is an ongoing one and will continue.

"Notwithstanding our challenges of low domestic fares and the rise in fuel prices by almost 20 per cent, we expanded our B737 fleet as well as overall capacity by 8.7 per cent, deepening our presence on key domestic and international routes," said the airline's CEO Vinay Dube.

"We look forward to the arrival of our new aircraft - the latest, fuel-efficient Boeing 737 Max, from June 2018 onwards."